Tweeter Home Entertainment (TWTR) sees first quarter same-store sales down 12%-15% vs. previous expectations for flat to +1%. Tweeter sees 20 cents to 25 cents first quarter earnings per share vs. 56 cents last year. As a result of the warning, Circuit City (CC) and Best Buy (BBY) shares are lower Monday.

Gerard Klauer Mattison cut its estimates.

Qwest Communications (Q) has reduced its debt by roughly $1.9 billion to $22.6 billion by exchanging outstanding debt for new debt securities.

CS First Boston upgraded Cablevision (CVC) to neutral from underperform, and raised its target.

Yahoo (YHOO) said it would acquire Internet search-software maker Inktomi (INKT ) in a deal valued at $241 million, including debt, or $1.65 a share. S&P reiterates sell.

According to Barron's, Salomon says Weight Watchers (WTW) may be fully priced. Salomon says it is comfortable with a valuation above $40, adding that a chunk of earnings per share growth comes from reducing debt.

Video game maker THQ (THQI) sees 40 cents to 43 cents fourth quarter operating earnings per share on $215 million to $220 million in revenues and a 15 cent first quarter 2003 loss, and 90 cents 2003 earnings per share, citing lower-than-expected sales of the company's GameCube portfolio.

Cypress Semiconductor (CY) sees fourth quarter revenues of about $174 million, 7% lower than the $187 million consensus estimate, saying bookings and turns run-rates slowed significantly since the first week of December and are not expected to rebound during the holidays.

Pitney Bowes (PBI) will take a fourth quarter pre-tax non-cash charge of about $100 million, or 26 cents per share, to write down its investments in commercial aircraft leases with US Airways and United Air Lines.

Citigroup (C) set a reserve for a settlement with the SEC, Nasdaq, New York Stock Exchange and New York Attorney General. The company will increase credit reserves. Citigroup sees a $1.5 billion ($0.29 per share) fourth quarter charge for litigation, Enron matters and the increased credit reserve. S&P reiterates buy.

Host Marriott (HMT) sees comparable RevPAR growth in 2003 closer to the lower end of a previously disclosed range of 0%-4%, and sees further margin deterioration.

Abbott Labs (ABT) says the FDA has approved Depakote ER tablets for sole and adjunctive therapy to treat complex partial seizures, as well as for simple and complex absence seizures in adults with epilepsy.